I believe Stephen Kanzer did not set up Pipex as a scam. He believed that the drug for Wilson's disease would be approved. Unlike the CEO's of biotech scams he lost millions of dollars buying the stock on the open market before the NDA filing.
So as far as shareholders are concerned, a loss is a loss, but I would put Kanzer's efforts as gross mismanagement more than a scam. He depended on advice of consultants
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